This week, I’m talking about stock market crashes and the predictable emotional pattern that all crashes follow. If you know how to spot a stock market bottoming process, you’ll be better equipped to take advantage of the amazing opportunities that exist at and near the bottom. 

Today I’m talking about the emotions that define a stock market bottom. It’s worth mentioning again because I can’t stress the importance of this enough - while stock markets are unpredictable, market cycles follow a very predictable emotional pattern.

So here’s what the stock market bottoming process looks like from an emotional standpoint: 

1st - anxiety. There’s a few cracks and reasons to be concerned, maybe a few down days in the stock market, but the market is relatively close to it’s highs.

Then as the market drops further, we now have fear. People are scared. Headlines are starting to predict doom and gloom. Stocks are dropping. 

Near the bottom is panic. This is an important emotion, because this is where most people will abandon stocks and their long-term strategy and it’s usually the height of selling. My guess is that we likely passed through the days of panic in the current crisis in late March when the stock market was dropping so much and so fast that it actually triggered its circuit breakers and trading temporarily halted. Classic case of panic selling. 

Many people think that panic is the bottom but it’s actually not. The bottom is defined by surrender and a throwing up of the hands. When you start to read stories and headlines about how this time is different and it doesn’t seem like we’ll be able to crawl out of the market and economic hole that we’re in, then surrender has arrived. 

Then at the very depths and closely tied to surrender is hopelessness and depression. These are the emotions that mark a true market bottom. 

While it’s impossible to pinpoint the exact market bottom, when you know that the depths of the market bottom are marked by surrender, hopelessness, and depression, you can then recognize the bottoming process for what it really is - the point of maximum opportunity.

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

This week I’m talking about the stock market, and whether or not stocks have hit bottom yet. You may think you need a crystal ball to pinpoint a market top and a market bottom, but what most people don’t realize is that while stock markets are very unpredictable, they actually follow a predictable emotional pattern that makes spotting a bottom (or a top and everywhere in between) a bit easier than you might think. 

So this week, I’m giving you a lesson on these important emotional patterns of the stock market. This is especially important right now because the stock market has dropped so much from it’s high point earlier in the year. It’s scary to ride the market rollercoaster but understanding these emotional patterns that I’ll be discussing this week can help you keep a cool head, stay the course, and take advantage of opportunities that exist at various points along a market cycle. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

----------

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

It’s Sunday, which means...It’s recap time! 

This week, I talked about how to get back on track for retirement. 

Unfortunately, most Americans are not on track for a comfortable retirement and will have to compromise one of the 4 primary factors of retirement in order to make the numbers work. Others just wing it and hope that they don’t run out of money, which usually doesn’t work well, since you may quickly realize that you just don’t have enough money for the comfortable lifestyle you envisioned in retirement. 

To prevent you from winging it in retirement, I introduced the 4 primary factors that determine retirement success and have the biggest influence on whether or not you run out of money in retirement. 

This is a timely topic right now as the Coronavirus is upending daily life and could change your plans for retirement, especially if you planned to retire in the next couple years. 

 The 4 primary factors that determine your success in retirement: 

• Asset allocation
• Savings Rate
• Retirement Date
• Spending in Retirement

Hopefully after listening to the One Minute Retirement Tip this week, you understand these four critical factors to determining whether or not your money will last in retirement, and how you might have a better chance at a comfortable retirement than you might realize, especially if you’re open to adjusting your original plans and one or more of these primary factors. 

If you want to find out how to close the gap on your retirement, send me an email and I will send you a simple 2 page worksheet that you can use to calculate your ideal asset allocation, savings rate, retirement age, and spending in retirement, so you don’t run out of money in retirement. You can email me at [email protected]. That’s [email protected]. 

[If you missed any of these episodes or if you want to revisit any of them, you can find them on iTunes, Spotify, or Google Play by searching for the “One Minute Retirement Tip with Ashley”. If you want more in-depth videos on retirement planning specifically for business owners and entrepreneurs, check out my YouTube channel - True North Retirement.]

Tomorrow, we are starting a brand new theme: Have we hit bottom yet? I’m going to explain how to spot a stock market bottoming process and take advantage of opportunities that exist at and near the bottom. No I don’t have a crystal ball, and markets are unpredictable, but markets actually do have a predictable emotional pattern, and there are certain emotions that define market bottoms. So we’ll talk about those tell-tale emotional signs that the stock market is at or near a bottom next week. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to get back on track for retirement.

On Tuesday, I outlined the 4 primary factors that determine your success in retirement: 

• Asset allocation
• Savings Rate
• Retirement Date
• Spending in Retirement

Today I’m focusing on the 4th primary factor: your spending in retirement. 

What are your monthly living expenses to cover your basic needs? In addition to that, how much do you want to travel or eat out or budget for the other things you want to do? There’s also charitable giving and one-time expenses to consider, like paying for your daughter’s wedding, remodeling your kitchen, or buying a car after retirement. And the biggest question of all: what is healthcare going to cost in retirement? 

All of these questions can be answered, but it requires tracking where your money goes every month, and prioritizing those areas of spending that are important to you in retirement. 

One of the best things you can do as you get close to retirement, is closely track your expenses for 6 months. Find out where your money goes, and try to live this 6 months as if you’re already retired, so you can see what your expenses will likely be in retirement. Once you better understand your average basic living expenses on a monthly basis, you’ve done most of the homework, since we can easily add in expected healthcare costs, budget for travel and other activities, and throw in one-time expenses, once those basic living expenses are better understood. 

If you want some help calculating your monthly expenses, send me an email and I will send you my favorite budget worksheet that I send to all of my clients to help them calculate their basic living expenses for retirement. You can email me at [email protected]. That’s [email protected]. 

That’s it for today, thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to get back on track for retirement.

On Tuesday, I outlined the 4 primary factors that determine your success in retirement: 

• Asset allocation
• Savings Rate
• Retirement Date
• Spending in Retirement

Today I’m focusing on the 3nd factor: your retirement date. 

If you’re close to retirement, delaying your retirement date can often have the biggest impact on helping catch up if you’re not on track for retirement, and give you a better chance of making your money last in retirement, especially if you’re behind. Delaying your retirement even by just a few months or a year can have a big difference. 

Delaying your retirement will allow you to continue saving longer, take less income from your portfolio over your retirement since you’ll now be spending less time in retirement, and importantly, it allows you to delay social security (hence allowing it to grow). 

If you can’t bear the thought of working any longer past your planned retirement date, consider working part time. Every dollar that you bring in is one less dollar that you’ll need from social security or your retirement portfolio.

If you want to find out the retirement age that is ideal for you, send me an email and I will send you a simple 2 page worksheet that you can use to calculate your ideal retirement date, so you don’t run out of money in retirement. You can email me at [email protected]. That’s [email protected]. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

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>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to get back on track for retirement. This is a timely topic right now as the Coronavirus is upending daily life and could change your plans for retirement, especially if you planned to retire in the next couple years. 

On Tuesday, I outlined the 4 primary factors that determine your success in retirement: 

• Asset allocation
• Savings Rate
• Retirement Date
• Spending in Retirement

Today I’m focusing on the 2nd factor: your savings rate. The younger you are and the further you are from retirement, the more important this factor is. If you’re really close to retirement, say within 5 years, increasing your savings actually won’t be as effective as delaying your retirement date or reducing your spending in retirement, but it’s still important. 

So let’s look at savings rate and how it impacts your retirement. Recently, Fidelity determined that in order to be on track with your savings for retirement, you need to have 5x your income saved by age 55, 8x your income saved by age 60, and 10x your income saved by age 67, assuming you plan to retire at that age. Using this rule of thumb calculation is helpful in the years leading up to retirement, because it’s a quick way to assess whether or not you’re on track or behind. 

If you’re behind, the next step is to figure out how much you need to increase your savings to catch up. This step is a bit more complicated and it also needs to factor in how much you can afford to save, since what you should save and what you can afford to save are often 2 different amounts. 

If you want to find out how to close the gap on your retirement savings and figure out how much you need to save for retirement, send me an email and I will send you a simple 2 page worksheet that you can use to calculate how much you should be saving for retirement so you don’t run out of money in retirement. You can email me at [email protected]. That’s [email protected]. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

Yesterday, I told you about Joe and his 5% chance of success of making his money last in retirement. 

Joe’s problem is a common one. Many Americans are behind on retirement, but hope is not lost because with a few adjustments that Joe was able to live with, we got his chance of making his money last in retirement up to 82%. 

There are 4 primary factors that influence whether or not you’ll make your money last in retirement, and today I’m talking about the first factor, which is asset allocation. 

Asset allocation in the context of what I’m talking about today is simply - how much of your portfolio is in stocks, bonds, and cash. 

This has a massive influence on your retirement, and if you think about it, it makes sense why. The makeup of your portfolio is what determines your long-term returns, so it’s essential that you have a portfolio that is safe enough to withstand downturns, but invested enough in the stock market that you’ll have growth that can keep up with your withdrawals as well.

So the right balance is critical in retirement, and that’s why asset allocation is one of the 4 primary factors that influence your chances of making your money last in retirement. 

• If 100% of your portfolio is in cash you’re going to have a hard time keeping up with inflation and many of us simply don’t have enough saved for retirement to be this conservative with our money.
• At the other end of the spectrum, if 100% of your portfolio is in stocks, your returns are going to be much better than in cash, but you’re going to get clobbered in down markets like we’re facing right now, and most of us can’t afford to lose 30, 40, or 50% of our portfolio value in a down market because everything is in stocks. 

I’m a big believer in asset allocation, and it serves as the foundation of every client’s portfolio. If you would like to get my age-based asset allocation cheat sheet that helps you determine the right mix of stocks and bonds for your age, just email me at [email protected]. That’s [email protected] and I’ll send that to you so you can figure out for yourself what mix is right for you. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

----------

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about how to get back on track for retirement. 

Today I want to tell you about Joe. He’s 55 years old. He wants to retire in 6 more years. Currently, he has $576,000 saved for retirement, most of that is in his 401k plan at work where he’s been for over 20 years. He saves 5% of his salary into the 401k and his employer matches 4% - so 9% of his income is saved for retirement every year. 

He’s a single guy and makes $90,000 a year in income. He expects that his spending will go down in retirement, but he’s calculated that he needs about $78,000 a year in income to support the lifestyle he wants in retirement. 

He will have social security income, but the rest of his income will need to come from his portfolio. 

The question is: Will Joe be able to retire at 61 and spend $78,000 in retirement based on his current assets, and projected growth and his current savings? 

What do you think? Well, I’m sorry to say to Joe that he has about a 95% chance of running out of money in retirement? 

If I live his retirement 1000 times, in all but the most optimistic scenarios, Joe depleted all his savings and ran out of money well before he kicked the bucket. 

But by making a few adjustments, we can get Joe from a 5% chance of success in retirement to an 82% chance of success. It all hinges on what adjustments he’s willing to make and the 4 most important factors that determine success in retirement, which I’ll introduce and talk about tomorrow. 

In the meantime, if you want to run Joe’s numbers for your own situation, send me an email and I will send you a simple 2 page worksheet that you can use to calculate your chances of success and not running out of money in retirement. You can email me at [email protected]. That’s [email protected]. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

----------

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

This week I’m talking about how to get back on track for retirement if you’re behind. Whether you’re 10 months or 10 years from retirement, understanding if you’re on track for the retirement you envisioned is critical to the important decisions you make today and in the future. 

So this week, I’m covering the critical factors that influence your retirement and determine whether or not you’re on track.

I’ll also give you a simple and effective tool so you can calculate for yourself whether or not you’re on track for a comfortable retirement. Retirement is different for everyone, and it’s also one of the most important financial decisions you’ll ever make, so I hope you’ll keep coming back this week so you can answer for yourself this very important question:

Am I on track for retirement and if not, what can I do to get back on track? 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

It’s Sunday, which means...It’s recap time! 

This week, I talked about the 5 more mistakes that smart investors don’t make in bear markets. 

The anxiety, fear, panic and uncertainty brought on during bear markets and times of crisis can cause investors to make some bad decisions. So in light of the current Coronavirus crisis, I wanted to discuss some of the most common mistakes that investors make and how you can avoid them. 

Here’s what we covered in each episode this week: 

• Mistake #1 - Getting Stuck with a Margin Call
• Mistake #2 - Micromanaging Your Portfolio
• Mistake #3 - Thinking Like The Herd
• Mistake #4 - Misunderstanding Market Cycles
• Mistake #5 - Losing Patience

Hopefully after listening to the One Minute Retirement Tip this week, you know how to recognize these common and often devastating mistakes so you can avoid them. 

If you missed any of these episodes or if you want to revisit any of them, you can find them on iTunes, Spotify, or Google Play by searching for the “One Minute Retirement Tip with Ashley”. If you want more in-depth videos on retirement planning specifically for business owners and entrepreneurs, check out my YouTube channel - True North Retirement.

Tomorrow, we are starting a brand new theme, how to get back on track for retirement if you’re behind. Whether you’re 10 months or 10 years from retirement, understanding if you’re on track for the retirement you envisioned is critical to the important decisions you make today and in the future. So I’ll discuss the critical factors that determine whether or not you’re on track, and how you can calculate whether or not you’re on track for a comfortable retirement - however you define that. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

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----------

Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast